The above table has data on the consumption function in the nation of Mojo
a. What is the amount of autonomous consumption expenditure?
b. What is the marginal propensity to consume?
a. Autonomous consumption expenditure equals the consumption expenditure when disposable income is $0, so autonomous consumption expenditure is $0.8 trillion.
b. The marginal propensity to consume equals 0.80.
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a. marginal utility b. equalization principle c. auction pricing d. consumer surplus e. demand responsiveness
The burden of the public debt
a. cannot be passed to future generations b. can be passed to future generations to the extent that it is unevenly distributed between the rich and the poor c. can be passed to future generations to the extent that it is held by foreigners d. can be passed to future generations to the extent that it is held by corporations e. can be passed to future generations to the extent that it is held by state and local governments
For a given increase in supply, the condition of demand that will result in the most significant change in quantity is when demand is
A. inelastic. B. perfectly inelastic. C. perfectly elastic. D. elastic.